♪ julie: coming up on "bloomberg best," the stories that shaped the week in business around the world. president trump ends of both suspense and takes the u.s. out of the iran nuclear deal. >> a risky move in some ways. a new level of brinksmanship. >> it leaves the united states isolated diplomatically. >> we are back to where we were before the deal. julie a stunning collection : delivers a power shift in malaysia. the bank of england holds rates, but hints at future heights. m&a continues, but not every merger may reach the finish line. >> i think the deal is totally unacceptable. >> we are confident we will gain that approval.

julie: an exclusive conversation with jamie dimon. >> you can easily deal with 4% bonds. >> the euro bond market is in fact undervalued. >> i think it is time for everybody to, for women to take charge. julie: it is all straight ahead on "bloomberg best." ♪ julie: hello and welcome. i am julie hyman. this is "bloomberg best." your weekly review of news, analysis, and interviews from bloomberg television around the world. the trump administration faced a deadline this week to decide whether or not the u.s. would remain in the 2015 nuclear deal. on monday, that uncertainty was having an impact on the price of oil.

>> oil prices on the move, above $70 for the first time since november 2014, the surge coming as traders base for reimposition of the sanctions on iran. >> the markets are betting trump will reimpose sanctions. you might see a lot of barrels, iranian barrels, disappearing. >> if he decides, what happens to supply? >> what we have seen is there are varying estimates, but were talking about 500,000 barrels of oil a day coming off the market by the end of the year. when you combine that with the cuts from opec, that is a substantial amount of oil. we are in a market that is closer to supply-demand balance. anytime you have geopolitical tension, we are seeing that reflect in the oil price immediately. >> limbo over the nuclear deal ends tomorrow, president

trump "i will be announcing my decision on the iran deal tomorrow from the white house at 2:00 p.m." crude took a leg lower after pushing past $70 for the first time in three years. >> the question is where are we. is the u.s. walking away? a lot of the market has rallied on that fear. anything short of that you start to see people selling off a bit. >> president trump is said to have made a decision to leave the iran nuclear accord. the president will announce this from the white house in a few moments. pres. trump: i am announcing today that the united states will withdraw from the iran nuclear deal. we will be instituting the highest level of economic sanction if the regime continues its nuclear aspirations. it will have bigger problems than it has ever had before. >> it is a very risky move from trump. it is a new level of brinksmanship.

>> this was a huge gamble by president trump suggesting that the u.s. is going to bow out and essentially daring iran to go ahead and violate the deal itself. what has happened is iran has said ok, well, the deal will remain intact and we won't develop a nuclear weapon as we have promised before, so it leaves the united states isolated diplomatically. >> we are back to where we were before. we impose sanctions and hope to bring them to the table. you heard the president say he thought we had maximum leverage and did not effectively exercise it to get a sufficient agreement. i guess he believes now we will have that leverage and the iranian economy is stressed. that economic pressure will bring them back to the table. it is a huge gamble, but it is certainly a possibility. >> france, germany, and the u.k. say they regret donald trump's decision to pull america out of

the 2015 deal to curb iran's nuclear program. there has been a stringed of european leaders -- >> there has been a string of european leaders who have gone to the u.s. trying to convince donald trump not to go ahead with this decision. they did not succeed. now they are saying, well, they do regret the decision, but they will stick to the agreement. >> for companies the question is where do we go from here. iran started taking off, siemens, airbus. we have had a couple of companies appealing to european leaders saying we need your support and your needs to step up to the plate now. >> oil is extending gains above $71 a barrel following president trump's decision to pull out of the iran nuclear accord and conflict between israel and iran ratchets up. israel says iran fired missiles in the golan heights and retaliated by striking iranian targets in syria.

>> the region has been on fire since 2011, but we have not seen a head-to-head confrontation between major regional powers. the rhetoric is heating up. we will have to see where this leads, but there are worrying signals. >> the stunning victory in malaysia's election, ending the six-decade rule of the coalition. what comes next now for malaysia? >> he says he has to speak to the presidents of the parties and come to some sort of conclusion to put a team together. few people would have expected for this to happen, 121 seats out of 222 contested. out of power for 14 years, but he has shown he still knows how to win an election. winning this election is just the first step. there are so many more

challenges he needs to overcome to help a nation that is seeking reconciliation. >> i think it will be a volatile couple of days. >> just a few days? >> it depends how the new government calms markets down and how quickly they can lay out the agenda, and who takes the reins, particularly the economic portfolios. mark: sterling dropping on super thursday here at policymakers voting to keep rates unchanged, ending a roller coaster ride for investors who expected i hiking iking a couple of weeks ago. governor mark carney says the bank intends to deliver modest tightening of a but is in no rush. >> we will wait until we see some progress before we think about it. >> this is unique. i have never really seen anything like it. sterling trades as if the market suffers from bipolar

disorder. if you look at the fundamentals and pay heed to these in the press conference, the labor market is strong, wages are picking up gradually. those are some pretty strong things that are supportive for the headline from the boe that there is going to be gradual tightening of the medium term. >> the date for president trump's meeting with kim jong -un, the president tweeting it will be june 12. >> president trump said last night that he thinks this is a sign that north korea is ready to abandon its neutral program and enter into the broader world community and abandon its past situation as a rogue nation. now, we heard from the vice president that there is skepticism that this will actually lead to the type of grand bargain that president

trump wants, but they are looking to make that happen on june 12 in singapore. >> the u.s. yield curve is the flattest in more than a decade. the spread between 5-30 at the lowest level since august 2007. the curve could actually be inverted by august or september. >> it is possible. i do think we are going to see more movement upwards. remember, the federal reserve is increasing its bond sales, or reducing its balance sheet more quickly. the ecb will get out of the business of buying long-term bonds, so there will be some pressure, but if we get inversion, it doesn't mean anything. really, it doesn't. inversion used to be a very worrying sign for the economy, but this is basically a broken barometer. we have never had central bank so active at the long end of the bond markets. >> president trump will propose sweeping reforms of drug pricing

this afternoon. "americanint called patients first" is meant to increase competition and lower out-of-pocket costs. pres. trump: we will have tougher negotiation, more competition, and much lower prices at the pharmacy counter. we are very much eliminating the middlemen. the middlemen became very, very rich. [applause] >> let's talk about pharmacy benefit managers, if that's not who he was talking about when talking about the middle man, who was he talking about? >> i think that is who he was talking about, but he did not say it. it indicates there is still room for working out how exactly this is going to work and how this is going to be rolled out, pointing to lobbyists i quite -- is quite an interesting approach. but if you look at express scripts, shares are up and investors are relieved this did

not sound so strong in terms of targeting them and their role in the system. >> president trump calling on congress to bring forward some type of legislation that they would be able to enact. there are a couple of working proposals but it is unclear whether or not this could get a major legislative push ahead of the midterms. julie: still ahead as we review the week on "bloomberg best," jamie dimon says prepare for 4% bond yields and fed rate hikes. plus, the heads of central banks in lebanon and the philippines explain how they are coping with economic stresses. up next, more of the week's top business headlines. walmart spent $16 billion to get an e-commerce foothold in india. >> it was slow to get in china, which is another massive market. it does not want to make that same mistake again. julie: this is bloomberg. ♪

♪ julie: this is "bloomberg best." i am julie hyman. let's continue our global tour with a barrage of big deals, starting with the tie up of a food giant and a coffee brand. >> nestle and starbucks are teaming up in a multibillion-dollar deal. nestle will pay starbucks nearly $7.2 billion in cash for the rights to sell starbucks branded products. this is not about nestle getting any physical assets. this is about marketing licenses. >> that's right. nestle will pay about $7 billion to get these licenses to basically sell coffee, package coffee products, outside of starbucks chains in various outlets such as supermarkets and food service. >> is this a big m&a test for nestle? not all its deals have gone well.

it is the third -- third biggest acquisition for nestle and the biggest for the new ceo mark schneider, who has been leading the company since january last year. some analysts are saying it is an expensive bet, but it is starbucks, which is the name and -- in coffee. >> activist investor elliott management has made an all cash bid to acquire athena health. to itss it the stock highest level since 2016. investors seem to like the deal, so what does elliott say at is doing wrong? >> pretty much everything. it is everything from you missed operationally, you have failed to issue accurate guidance, you have missed the forecast you do set out, you cannot launch your products, you have too much

executive turnover. it is a brutal letter in terms of the assessment of the performance of the company and making the argument that taking of private and pulling it out of the public market and taking time to get things under control would be a far better option for them. >> let's get back to the buying of rival drug maker shire. the deal transforms it into a top 10 farmer giant. if at first you do not succeed, try, try, and maybe try again. >> this is the fifth offer takeda made. they finally did succeed. they got a good premium, 60%. they needed to do something transformational. ceo theya french brought in who has done smaller deals, but nothing this transformational. this is their chance to make a big splash on the global scene. >> in a battle for e-commerce supremacy, zeroed in on india. walmart has agreed to pay $16 billion for a 77% stake in

flipkart, the biggest deal ever as it looks to fend off amazon in the world's second-most populous nation. >> this deal is about getting ahead in an e-commerce market that is exploding. india has the second-largest population of internet users in the world. walmart needs to get ahead in this market to battle amazon. it was slow to get into china, which is another massive market. it does not want to make that same mistake again and was so it was willing to spend this much money on a business that is really not profitable yet. >> australia has laid out its budget for the next financial year with the deficit forecast for $10.8 billion. the turnbull government is wooing voters with tax cuts and a path to its first surpluses the global financial crisis. here is what scott morrison had to say. >> there was further room for the labor market to expand and grow, and that is boosting revenues over the medium-term

and even over the shorter term. >> are these numbers sustainable going forward? >> we believe they are. our economic growth forecast are more conservative than those by the reserve bank of australia and they are overly optimistic haveizations, so we the track record. >> deutsche bank is considering a sweeping restructuring in the u.s. that could shrink its workforce there by 20%. that is according to people briefed on the matter who say a decision is close. the plans have been denied, which would follow the move to retreat from businesses it deems less competitive. iswhat they are looking at each business unit separately. they don't have a job cut target. what they are doing is going to the bank unit by unit and deciding how much they want to cut it. those cuts could add up to 20%

of the u.s. workforce in the maximum scenario. they have already singled out units they will cut. for example, u.s. corporate finance. they recently said they will close the houston office, which is the coverage location for the oil and gas sector. it is difficult to anticipate how many side effects this will have on other parts of the business and how much clients will say if you pull out of that area, then you are not the bank i want to do business with in the more and we are cutting ties with you. it is difficult to anticipate that. that is what they are trying to figure out to make sure the side effects can be minimized. >> a bloomberg exclusive, the bank searching for a new chief executive. the bank is reaching the deal to pay $4.9 billion to resolve a u.s. mortgage investigation.

looking for a new chief executive, is that considered a job done? >> it is getting to the point where you can start paying dividends again, putting a significant legacy issue behind it. that paves the way for a sell down from the u.k. government in which is still hold 70% of the bank's shares. the kind of language analysts have been using today has range from a watershed moment, symbolic moment, a milestone. that is how significant this settlement is for the bank. >> michael cohen may have been offering more than legal advice. major companies and a russian oligarch with ties to vladimir putin paid his firm substantial sums of money reportedly for insight into the trump administration. --michael holland body

michael avonatti posted on twitter yesterday with no advance warning a link that took us to a dropbox site that appears to contain what we call a suspicious activity report produced by a bank about transactions that were moving through an account set up by michael cohen. this account has money that not just moves through to a porn star, but included big corporations and a russian oligarch. there has been little explanation about what the money was for and where it went. at&t, novartis, and the korean aerospace company have acknowledged this was a way to get something from the trump administration. >> let's talk about what is happening in italy. efforts to form a broad coalition to dilute the power of the five-star movement flounder this week. leader spent yesterday morning drawing up plans for governing alliance. the president gave the two parties until sunday to reach an agreement to possibly form a government. >> lots of optimism from both

five-star in parliament yesterday, officials saying they are working on the program that is their priority, but they have got to find the right people for the jobs. one lawmaker is saying perhaps the new government could be sworn in by the end of next week. ♪

♪ julie: welcome back to "bloomberg best." i am julie hyman. jamie dimon spoke exclusively with bloomberg this week at the j.p. morgan global china summit in beijing. his outlook for the u.s. economy remains upbeat. >> right now the american economy is strong. more people back to work, household formation is up,

houses in short supply, which is a plus for the economy and the capital markets wide-open come , much less leverage in the past. banks have twice the capital, twice the liquidity. consumer balance sheets are in good shape. the way to look at the recovery is look beyond the year. we had 20% growth over nine years, and the nine years is really good, the 20% is bad. it should have been 40% over a shorter time, and that's why wages did not go up and all these things. it looks like this may have legs to go, one year, two years, maybe more. remember, the rest of the world is doing better. japan 1.5%, europe 1.5% approximately. i don't know. it is 1.5%. the last 10 years it was 0%, so that is a positive.

i hope it will continue. the fact is america is in pretty , good shape. you have some benefit of regulatory reform, tax reform. i think those things will drive growth a little bit, hopefully better than 2%. >> i read your note to clients in april. you said one of the biggest risks is underestimating the ability or potential of the fed raising rates more aggressively. inflation could rear its head. we just had oil above $70. is this a worry? >> i'm trying to explain to shareholders you have to prepare for all possibilities and probabilities. it is a possibility that the growth accelerates, the fed raises rates more than you expect, both the short end, which might force the 10 year up, not down like in the past. you can easily deal with 4% bonds. again, if it is because america is strong and healthy, i almost call it normalization.

i pointed out by the end of the year that the fed plus the deficit has advanced a lot. that is a huge shift and eventually other central banks will reverse buying bonds, causing volatility in higher rates. more growing is more important that. i would try to keep that view. financial markets are one thing. they fluctuate, move, rates go up and down. commodity prices go up and down, but what matters the most is jobs, wages, stability in the economy, not necessarily in the markets. julie: coming up on "bloomberg best," more of the weeks news, featuring earnings reports and a few deals. plus, what are the markets making of the latest shift in the geopolitical landscape? we get expert perspective. >> there is little evidence there is a geopolitical premium in oil prices.

>> we have no doubt there will be an issue of volatility as a result of this. julie: this is bloomberg. ♪ mr. elliot, what's your wifi password?

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♪ i am happy about metoo, and i know people say it is too much. i do not think so. it is time for women to take -- youand also, for cannot just say, we need one woman on our board. it is like i need a green plant on the table. >> we have learned that is not enough to focus on hiring. if the focus on hiring, progression, and retention for have implemented a very innovative service called a warm line.

place where employees can call into and get assistance if they are having retention challenges. >> everybody has goals they are supposed to meet, if they do not meet them, there will be repercussions. people will be moving to different agencies. this goes tond in studios, networks, talent agencies, etc. women have started this movement and they have gathered women from all walks of life to include them in this movement. man can ignore a it and say, we are going to go work with this group. --ryone is included for it is included. whoe: those were the guests came to the bloomberg headquarters to discuss equality. they also spoke with leaders about the impact of geopolitical shock as a result of president trump's decision to take the

u.s. out of the iran nuclear deal. without a doubt, there will be additional volatility as a result of this. we will probably have a lot of our u.s. allies negotiating what is the next move, what can we do , and that is going to generate a lot of speculation about what is going to happen. i do not think it should be dramatic. it should depend on what kind of sanctions. this is something the market has been looking at and assessing and trying to play it forward. while there will be some short-term volatility, it all determines on how it plays out. >> do you see it asia-pacific a geopolitical risk rising now? >> i do not think it is rising.

if you look at what is happening in north korea, south korea, that is quite significant. i was in south korea last week and i had a chance to understand what is going on and what is the feeling from the south korean side. one of the things that surprised me is the amount of support that has in terms of trying to make this work. they really want to make this work. they have a lot of affection for their counterparts on the north. there is a huge amount of interest in helping the nation rebuild. whatever solution comes will help andlve a lot of aid flowing from south to north. >> we seem to go from the geopolitical shocks -- in a

space of a week, you have what you would normally have a year, but the market rides them out. what should clients be worried about? what is the shock that is going to bring this bull market to a close? >> the biggest things to be concerned about is mainly the possibility that the economy overheats, inflation rises significantly above the targets, and the fed submits to getting and thing like 2% cemented therefore, has to be aggressive and slowing things down. ratethe unemployment starts to increase, it tends to be difficult to calibrate that in a way that pulls off of a soft landing. there is never been an increase in the u.s. unemployment rate in more than 35 basis points that was not associated with a recession. does law of nature, but it

suggest that doing the soft landings is harder. a situation where the economy is already growing at a below trend and that is trying to slow things down, that is coupled with a more significant shock from financial conditions or oil prices, which is another ,ommon factor or common concern then the risk of recession would go up. there is very little evidence there is a geopolitical premium in oil prices right now. that said, the way to think about re-imposing sanctions on iran is it reduces the capacity to produce. the reason for that is we may lose the iranian exports but it is likely to be replaced by saudi production and other allies. secretary mnuchin made that very

clear that the allies will likely replace it. it makes the markets more exposed to events like venezuela, and then goal of -- and angola. you have an election on may 20 that could lead to more disruptions. the market is far more exposed. the upside risk is substantial to geopolitical risks. >> the u.s. is a big exporter of crude. shouldn't have a national oil policy? -- should it have a national oil policy? >> only think about compliance due to the reimposition of will players like india and china complied to this?

the u.s. at is as large of an exporter as iran, 2.5 billion barrels a day. that gives them a bargaining chip. enforceway to compliance. >> emerging-market economies in the spotlight this week, putting pressure on him currencies. discussed the policy responses to economic challenges. >> for this year, we are releasing a step up -- we are seeing a step up and inflation -- a step up and inflation. tapering, thea deceleration of it inflation back to our target range by next

year. how it isked about spreads to the white economy, what have you made in observations? faster than the average and that is one indicator that we are looking at. despite inflation, -- the spike in inflation is currently coming price. rice is to hit our target. our commitment is to be at the target range. target to be well in the middle of our target range. far, we recently updated

inflation forecasts. market was has , is in factyields undervalued today and the does not intend to make a new issues to the market. our intention is not to sell more than $2 billion of eurobond in the next 12 months. what that means for asset allocation, are you diversifying more? >> lebanon is the second holder of gold in the middle east. >> you can never have enough. >> we have been since more than

floating nlaying the otes in our investments. we have a local market that revenue thatith are enough to keep the central bank profitable and not to have risk abroad for it > -- a broad. more gold?a no to >> will not sell the stock that we have. ♪

♪ julie: you are watching "bloomberg best." i am julie hyman.

disney and fox both reported earnings this week while disney's bid for a chunk of fox's as sets appears to be facing competition. as a skirmishout over an interesting sky over in england, but now it turns out as an all out war over the assets of a third. comcast but together a finance war chest that could give the bid as much as $60 billion in cash for assets. is it really going to go after bob iger after this? >> it is possible. they have a tremendous balance sheet. made a bigalready bets on contact with the nbc universal several years ago. that was a great acquisition for comcast and they feel like they can do it again.

if you are bob iger, the 20th century fox assets are absolutely strategic. i need to go head-to-head not just with the netflix, with the facebook and the googled, ended order to do that, i need to get bigger. comfortably beat wall street andmates, the blockbuster "black panther", any big surprises in the earnings? >> the film studio was a big surprise. "black panther" was a global hits, $1.3 billion. underlying issues for her disney continues. > you have a deal in place and it seems you need to shareholder approval, regulatory approval, and other expressing interest in terms of comcast. are a shareholder in

the company being bought, 20th century fox, you have to consider the value of the currency of the combined entity. the other thing you have to consider is what is the pastor regulatory approval? is this a deal -- what is the path to regulatory approval? we believe, we are confident that we will game that approval. -- again that approval. 20th century fox reported weaker earnings in its latest quarter. why would fox potentially preferred disney over comcast if we are looking at this all caps offer -- cash offer? >> fox thinks the road would be easier with disney rather than comcast. the other aspect is the tax complications. it would mean a huge tax burden which fox would not have to face

with the disney stock deal. want to be areally significant shareholder in disney. they would own about 5% to 6% of disney stock. news and telecom, liberty global to sell some european operations in the $19 billion deal. germany, hungary, romania, the czech republic. are retreats from continental europe for liberty global and an expansion from another company. interesting to get his perspective today, we have an announcement of that deal. dtthese are all markets the plays in. declineded a sale but it is boosting its outlook for a full year, operating

earnings, the 23.3 billion euros. that comes from t-mobile's growth in the u.s. what kind of competition that is going to provide in germany and -- a earningsope here at home, and finally the t-mobile-sprint deal in the u.s. >> the deal is totally unacceptable. they were not allowed to sell their cable businesses and one piece when i traded at one bigger price. it was sold at three pieces and now all of these three pieces are coming together under the one. overrclays ceo signed billions of dollars, and some suggesting it was just a tap on the wrist. is that fair? 50% may not seem -- 15%

may not seem an awful lot. deemed not inbeen proper, and that would have cost him his job. this is a significant step forward. >> quarterly profits in india's i fell by more than double, so what do analysts make of these numbers? confirms my view that there are further downsides to estimates on the street. the cross mva ratio went up. that was expected. it is more encouraging to end the business momentum looks promising. on the street expect

a 43% jump, and i think there is downside to those numbers. executivegen chief has a safe passage deal by the u.s. justice department. travel thehem to --ld freely without being how important is this for the new chief executive, this rare safe passage deal? >> it is really important for the new ceo. than 120 factories around the world and imagine if he had taken over as that she would not have been able to travel around. as ceo, you have to represent the company. tohe had been confined

germany, that would have crippled him. this deal was is probably in place before he became ceo, which we only learned about in the last couple of days, allows him to hit the ground running. tesla chief executive elon musk bought more than $9 million worth of tesla shares on monday. he is already become the largest shareholder of the company. $10 million is not that much, but it is a market signal that the potential chief executive wants to shut critics down? >> yeah, there is a lot of baiting on the part of elon and his fan boys. this is him saying, i'm going to put my money where my mouth is.

fourth-quarter earnings beating operating profit estimates but most of the company's success is due to one bet. >> the one big bet was nvidia. they got into the stock a while ago. nvidia shares rose 100 and 12% to 113%. thats that vision fund gave big returns and without it, for the first fiscal year, operating income would have been down about 2.5%. nvidia >> -- reported corporate sales that have topped expectations. while chipmaker generated $289

million, in the first quarter, it said that revenue could fall. is this a sign that it could turn sour? it is a blip. we saw the news and there is a a lot of momentum building for chip sales to interrupt that. ♪

♪ we hop into the bloomberg and we are taking a look at some of the top shareholders and see the ,op shareholder at 12.6% janice, morgan stanley, elliott is down here at a less than 1% stake.

with options, they haven't a .9% stake. -- 8.9% stake. about 30,000 functions on the bloomberg and we always enjoy showing you. here is another function you go, itind useful, quic our quickyou to takes. >> you may have seen a few of these pop up in your phone or email. google, facebook, twitter, go arey, and many more updating their policies to give consumers more control over their personal data. changes ares and thanks to a new policy called gdpr. it only applies to people who live in the european union but its adoption is largely expected to have americans asking, why do we not have that?

there's how data collection works. the terms give facebook the right to track your online activities even if you're not actively browsing for it -- browsing. --ebook and let advertisers can let advertisers access that. of two entire archives and all of the content they have generated on the service. on may 25, companies with more than 250 employees will have to get on and that u.s. consent from users to collect your data, instead of burying the ok inside of find -- fine print. ,or consumers that do opt in they can request a free copy. >> companies like google and facebook, they have made data available for download and deletion by request.

rightives consumers the to retrieve their data and sell it to other companies. you may build to trade a gift certificate for a shopping coupon from j.crew. any failure to comply with the new law will be costly. penalty fines could be as high as fourth percent -- as 4% of the company's global revenue. >> there will be dispute and legal precedents to be set over the next couple of years. >> the eu is moving ahead with tough new rules. many will ask if the u.s. should be next. julie: that was just one of the many quick takes you can find on the bloomberg. thecan also find them at bloomberg.com along with all the latest business news and analysis 24 hours a day. they'll be all for "bloomberg

best." i am julie hyman. this is bloomberg. ♪ retail.

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it's a drone! i know. find your phone easily with the xfinity voice remote. one more way comcast is working to fit into your life, not the other way around. carol: welcome to "bloomberg businessweek." jason: and i am jason kelly. carol: we always talk about saudi aramco, we have a story on other big oil giants. jason: that is right, headed to abu dhabi. we have a look at mexico and a controversial presidential candidate could be leading the -- leaving the country soon. carol: and to the caribbean, many of the islands coming back after the hurricanes last year. jason: all of that ahead on "bloomberg businessweek." ♪